Ucal has informed that the Company has received an intimation from the Authorised Dealer State Bank of India (SBI) - ODI Cell, Mumbai on 29th March 2025 that no administrative action is pending against the Company and the Reserve Bank of India has confirmed the contravention of Regulation 16 A of FEMA 120 for the write off of more than 25% of the loans and advances due to the Company from its wholly owned subsidiary and therefore recommended the Company to apply for compounding ‘Suo-moto’ with the Foreign Exchange Department, Reserve Bank of India. As per the directions of the SBI, ODI Cell, Mumbai the Company will be filing a Suo-moto compounding application under FEMA, 1999 with respect to the write off of the loans and advances amounting to Rs.12,337.79 lakhs and also file an another Suo-moto compounding application under FEMA, 1999 for the receivables write off amounting to Rs.2854.06 lakhs with the Foreign Exchange Department, Reserve Bank of India.
The above information is a part of company’s filings submitted to BSE.
